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April 24, 2024

EastWest Bank profit jumps 42% on strong consumer lending

The banking arm of the Gotianun family, EastWest Bank, grew its net income by 42 percent to ₱4.6 billion in 2022, mainly due to the bank’s strong performance in consumer lending.

EastWest Bank’s loan portfolio increased by 20 percent to ₱421.4 billion, fueled by credit cards, business loans, and salary loans, while total deposits remained stable at ₱329.2 billion, and the CASA ratio improved to 79 percent.

Core revenues also rose 12 percent to ₱28.1 billion. The bank invested heavily in IT systems to improve its digital services and saw its capital ratios remain healthy at 13.8 percent and 13 percent for CAR and CET1 ratio, respectively.

Newly-appointed CEO, Jerry G. Ngo, expects the bank’s growth momentum to continue despite potential headwinds from the higher interest rate environment.

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